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Pound Sterling

The Pound strengthened against the US Dollar as economists await the release of data that is expected to show that consumer and producer prices increased at a faster pace in June. If so, investors are taking bets that the Bank of England could refrain from expanding its monetary stimulus program. Against the Euro, Sterling has weakened due to expectations that data out of the Eurozone will show signs of improvement.

US Dollar

The ‘Greenback’ has weakened against the majority of its most traded peers amid speculation that Federal Reserve Chairman Ben Bernanke may seek to dampen expectations over a reduction in the Bank’s monetary stimulus programme. Today’s Consumer Price Index data could further support a continuation of the programme if it shows signs of weakening.

The Euro

The Euro has made small gains against the Yen, Sterling and Dollar as economists’ await the release of data that is expected to show that investor confidence in Germany increased in July. The speculation has largely ignored data showing that European car sales have fallen to a two-decade low.

Australian Dollar

The ‘Aussie’ strengthened against all of its most traded peers after policy makers said that the inflation outlook for the country is being affected by the currency’s recent declines. As a result the Australian Dollar strengthened for a second day.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation to a second straight gain against its peers. Investors are paring their bets before Fed Chairman Ben Bernanke testifies to congress later in the week. The currency also found support from data showing that the nation is experiencing its lowest annual pace of inflation in 14 years.

Canadian Dollar

The ‘Loonie’ edged upwards against the US Dollar as speculation mounts that the Federal Reserve will hint that it will not begin to reduce its easing programme in the near future. The currency weakened yesterday after the price of crude oil declined.

South African Rand

The Rand strengthened to a two-week high against the US Dollar and looks set to have a strong session due to emerging markets being supported by speculation that the Federal Reserve will maintain its monetary easing policy and yesterdays weaker-than-expected retail sales data out of the USA.

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